Proof of Funds

[gmalh12]

Hi,

I am planning to create my express entry profile. My spouse would be the primary applicant.

I have few doubts regarding proof of funds:

1) Is joint account is accepted? If yes, how old it should be?
2) Can anyone of us do the transaction in this joint account? Suppose our contribution is 50-50 and we are reaching the target of 13 lakhs. Would they consider it as one income??
3) Can we show EPF?
4) Our major portion is saved in SIP- Mutual funds, that could be transferred to our accounts in 20 days. Is this accepted as a fund of proof?

Please share some insights.

Regards
Gaurav

 

[Stanlee]

Hi,

I am planning to create my express entry profile. My spouse would be the primary applicant.

I have few doubts regarding proof of funds:

1) Is joint account is accepted? If yes, how old it should be? - Yes, joint account is accepted. The reason why they ask for 6 months statement and average balance is to ensure that the funds have not been borrowed. What matters is the source of funds. If the joint account was created recently, then you may have to explain the inflow of large sum of money (if any).

2) Can anyone of us do the transaction in this joint account? Suppose our contribution is 50-50 and we are reaching the target of 13 lakhs. Would they consider it as one income?? - Yes, as long as the primary applicant and the co-applicant are joint account holders, it does not matter who contributes and how much.

3) Can we show EPF? - As far as I know, Employee Provident Fund can be considered as proof of funds as you can withdraw the whole amount after you have resigned and you will get the proceeds credited to your account in 90 days. But, you will have to submit necessary documents in this regard. I have read on the forum where someone has submitted EPF as proof of funds. You can look up the same on the forum. But you need to check about the recent changes with regard to EPF withdrawal rules (I am not sure whether those have been implemented). What is important is the funds should be unencumbered and readily transferable.

4) Our major portion is saved in SIP- Mutual funds, that could be transferred to our accounts in 20 days. Is this accepted as a fund of proof? - Yes proceeds from financial instruments held by you can be shown as proof of funds. But it would be better to keep a Letter of Explanation stating the reason and source for the inflow of large sum of money.

Please share some insights.

Regards
Gaurav